Gee, golly, did you see how long it took for this trade
GBPUSD
to exit drawdown. It was only this morning after a long week of drawdown, and a even longer weekend of backtesting, the results are in! We set our stop loss, and allow the market to work. I have officially earned my very first $100 ever on the markets. According to my trading journal, my account is now up 58.24% in the month of April. Although trading this pair was not the smartest decision of mine. Learning how to trade has been the best decision I have ever made. Once I started taking this seriously, I am starting to witness the small results start to show: from learning price action, risk management, and fundamental analysis. There are so many elements into a being a professional day trader, and I am here for it. The biggest lesson I learned from this trade, was not to be emotional in the drawdown. If I cannot afford to lose $100, I cannot handle earning $100. A second lesson I have learned is how to simply read candlestick patterns. Third and final lesson of the day, was how to identify a divergence, these lessons, are exactly WHY I entered, and held the trade as long as I did, but from now on, I will stick to my trading plan, get in, and get out!
In conclusion, I'd like to share my trading journal entry..
DID I FOLLOW MY PLAN?
Yes. I exercised my 5 step trading strategy.
WHAT DID I DO WELL?
1. Set My Stop Loss (Take Profits) in profit.
2. Traded the pair in a new session.
3. Exercised good risk management, by setting a stop loss.
WHAT CAN I DO BETTER?
1. Allow price to test my zone before I enter a trade.
2.Cut My Losses Short Early
3. Stick to trading in my selected session! (London)
WHAT DID I LEARN?
1. Cut My Losses Short Early In The Future.
2. Patience and Virtue
3. How To identify a divergence.
DID I PREPARE PROPERLY?
NO, I entered a trade with a high lot size without reading fundamental analysis on the pair first.
I also did not set my price, and wait for a confirmation.
GBPUSD
to exit drawdown. It was only this morning after a long week of drawdown, and a even longer weekend of backtesting, the results are in! We set our stop loss, and allow the market to work. I have officially earned my very first $100 ever on the markets. According to my trading journal, my account is now up 58.24% in the month of April. Although trading this pair was not the smartest decision of mine. Learning how to trade has been the best decision I have ever made. Once I started taking this seriously, I am starting to witness the small results start to show: from learning price action, risk management, and fundamental analysis. There are so many elements into a being a professional day trader, and I am here for it. The biggest lesson I learned from this trade, was not to be emotional in the drawdown. If I cannot afford to lose $100, I cannot handle earning $100. A second lesson I have learned is how to simply read candlestick patterns. Third and final lesson of the day, was how to identify a divergence, these lessons, are exactly WHY I entered, and held the trade as long as I did, but from now on, I will stick to my trading plan, get in, and get out! In conclusion, I'd like to share my trading journal entry..
DID I FOLLOW MY PLAN?
Yes. I exercised my 5 step trading strategy.
WHAT DID I DO WELL?
1. Set My Stop Loss (Take Profits) in profit.
2. Traded the pair in a new session.
3. Exercised good risk management, by setting a stop loss.
WHAT CAN I DO BETTER?
1. Allow price to test my zone before I enter a trade.
2.Cut My Losses Short Early
3. Stick to trading in my selected session! (London)
WHAT DID I LEARN?
1. Cut My Losses Short Early In The Future.
2. Patience and Virtue
3. How To identify a divergence.
DID I PREPARE PROPERLY?
NO, I entered a trade with a high lot size without reading fundamental analysis on the pair first.
I also did not set my price, and wait for a confirmation.